Nationwide is New York’s best workers' compensation insurance provider, scoring 98 out of 100. The company offers a strong combination of reliable customer service, very low workers' comp rates and an extensive coverage selection. Thumble and biBerk are also good runners-up to consider.
Cheapest Workers' Comp Insurance in New York
Updated: June 4, 2025
Advertising & Editorial Disclosure
Key Takeaways
Nationwide, Thimble and biBerk are the best cheap workers' comp insurance providers in New York.
For most small businesses in New York, workers' compensation coverage costs around $850 per year or $75 per month.
Workers' comp insurance is required in New York for all companies with employees to cover expenses from employees sustaining injuries or illnesses during business activities.
Best Cheap Workers’ Comp Insurance Companies in New York
| Nationwide | 98 | $227 |
| Thimble | 87 | $384 |
| biBERK | 86 | $529 |
*Rates and scores are for software development businesses with small (five employees), medium (20 employees) and large (100 employees) operations, aggregated for an overall best recommendation.
Nationwide: Best Overall
pros
Good customer reputation
Large savings compared to top competitors
Low complaint ratio
cons
Generalist provider without sole business focus
COMPANY HIGHLIGHTS
Nationwide combines an above-average J.D. Power customer satisfaction rating with one of New York's lowest complaint indexes, demonstrating its commitment to quality service across all business sizes. Its top business insurance ranking is further supported by exceptional affordability, delivering average monthly savings of $157 compared to the next most competitive provider.
Best Cheap New York Workers' Comp Insurance by Business Size
Regardless of your business's size, Nationwide remains the best workers' compensation insurance option in New York at the most affordable rates. Below are the company's rates for small, medium and larger small businesses.
| Nationwide | Businesses with five or less employees | $46 |
| Nationwide | Medium-size small businesses | $132 |
| Nationwide | Larger small businesses | $536 |
How Much Is Workers' Comp Insurance in New York?
Workers' comp rates for New York businesses range from $850 to $10,900 per year. This range applies only to software development companies. Your actual rates will vary based on:
- Number of employees
- Industry risk level
- Specific work performed by employees
- Claims history
| Businesses with five or less employees | $75 | $850 |
| Medium-size small businesses | $215 | $2,428 |
| Larger small businesses | $908 | $10,900 |
Factors That Impact Workers’ Compensation Costs in New York
The cost of workers' compensation insurance varies for each business based on several factors:
Payroll costs
Insurance carriers determine workers' comp premiums using a per-$100 payroll methodology, creating a direct correlation between employee compensation levels and coverage costs. Companies with higher wages will pay more than businesses with lower payroll expenses.
Number of employees
Companies with a large number of employees face a higher risk of employee injury, which can increase insurance premiums.
Employee class code
Hazardous fields like construction, mining and manufacturing incur much higher workers' comp premiums than safer professions such as consulting, accounting and software development. This rate differentiation comes from class codes that classify work types and determine corresponding charges per $100 of employee wages.
Previous claims
Insurance companies use your workers' compensation claims history to predict future risk, reviewing factors like injury severity, medical costs, lost-time incidents and claim resolution timeframes to determine your premium rates. This experience rating system can result in higher rates for businesses with poor safety records, as insurers view past claims as indicators of ongoing workplace hazards and inadequate safety protocols.
New York Workers' Comp Insurance: Buyer's Guide
Finding the right business insurance can be challenging. We've broken down how to get the best workers' comp coverage, who needs it and what this type of policy covers to guide you.
How to Get the Best Workers' Comp Insurance in New York
Here are the steps to help your organization get the best workers' compensation policy possible:
- 1
Learn about required coverages and options
Workers' compensation laws and coverage options differ from state to state, making local regulatory research your first step in any coverage decision. Consider your industry's risk profile, business scale, workforce characteristics and safety history, then work with an experienced insurance professional to identify coverage that protects you fully without overspending on unnecessary features.
- 2
Research costs and providers
Research average costs and providers for your specific business to determine which companies to get quotes from. Also, consider state-provided options and whether self-insurance is possible for your business.
- 3
Consult similar businesses
Talk to other businesses in your community, especially those similar to yours. Ask about their experiences, needs and coverage choices to help inform your decision better.
- 4
Compare multiple providers through different means
Get a complete picture of your workers' comp options by contacting various companies through different quote methods, as pricing varies between online comparison sites and direct agent conversations. This approach helps you decide based on the broadest possible range of available deals, coverage options and provider service levels.
Do You Need Workers’ Compensation Insurance in New York?
New York law requires workers' compensation insurance for all employers with one or more employees, making it one of the most inclusive coverage mandates in the nation. This requirement applies regardless of whether employees work full-time, part-time, seasonally, or temporarily. Sole proprietors, partners and corporate officers who fully own a corporation may choose to be excluded.
WORKERS’ COMP PENALTIES IN NEW YORK
In New York, employers who don't provide required workers' compensation insurance or follow workers' comp laws may face:
- Civil penalties: Fines of up to $2,000 for every 10-day period without coverage.
- Criminal charges - misdemeanor: For five or fewer employees: misdemeanor with fines between $1,000 and $5,000.
- Criminal charges - felony: For five or more employees: felony with fines between $5,000 and $50,000.
- Repeat offense penalties: Subsequent violations within five years: Class D felony with fines between $10,000 and $50,000.
- Stop work orders: Board can issue stop work orders preventing business operations.
- Personal liability for officers: Corporate officers, partners and LLC members can be held personally liable.
- Asset seizure and liens: State can freeze bank accounts, place liens on property and equipment.
- Record-keeping violations: Fines between $5,000 and $10,000 for failing to keep accurate records or falsifying records.
- Late injury reporting penalties: Up to $2,500 penalty for failure to file First Report of Injury timely.
- Judgment enforcement: Unpaid penalties become judgments that can accumulate interest and affect credit.
- Misrepresentation penalties: $2,000 penalty for every 10-day period for intentional misrepresentation of payroll or classification.
What Does Workers’ Compensation Insurance Cover in New York?
Workers' compensation insurance provides essential benefits to employees with work-related injuries or illnesses. This coverage typically includes medical care, disability benefits and lost wages for affected workers, paying 66% of weekly wages under New York law. It protects employees while shielding businesses from potential legal claims related to workplace injuries or illnesses.
Best Workers' Compensation Insurance New York: Bottom Line
Nationwide, Thimble and biBerk are the best and cheapest workers' comp insurance providers in New York. While we recommend these companies, compare rates and consult similar businesses in your industry to find the best deal.
Workers' Comp Insurance in New York: FAQ
Below are answers to frequently asked questions about New York workers' comp insurance from MoneyGeek experts:
Which company has the best workers’ compensation insurance in New York?
Nationwide offers New York's best workers' compensation insurance with competitive pricing (averaging about $132 per month) and a low complaint index. However, your best insurance option depends on your industry, workforce size and state requirements.
Which company has the cheapest workers’ compensation insurance in New York?
Nationwide is the most cost-effective workers' comp insurance provider and is the best choice for businesses of all sizes. Monthly rates start at $46.
Does New York require businesses to have workers’ compensation insurance?
In New York, workers' comp insurance is mandatory for all businesses, though sole proprietors, partners and corporate officers with full ownership may opt out.
How much does workers’ compensation insurance cost in New York?
Workers' compensation insurance in New York costs around $215 per month for businesses with 20 employees.
How We Rated Workers' Comp Insurance Companies in New York
MoneyGeek calculated workers' compensation insurance rates using a software development business with five, 20 and 100 employees to represent various organization sizes.
Our scoring methodology included:
- Affordability (60%): Overall cost compared to other providers and different business profiles
- Customer experience (30%): Ratings from actual customers, J.D. Power studies, AM Best financial stability ratings and our team's experience with quote processes
- Coverage (10%): Additional options beyond standard offerings and breadth of industries served
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- J.D, Power. "Small Commercial Insurance Customer Retention Hinges on Trust in Rising Rate Environment, J.D. Power Finds." Accessed June 4, 2025.
- NYSIF. "New York Workers' Compensation." Accessed June 4, 2025.